Shares in shoe retailer Skechers USA Inc. were hit Thursday after the company posted lower-than-expected earnings and forecast third-quarter results below Wall Street's estimates.
Skechers reported second quarter net income of $14.6 million (31 cents per share), compared with $14.9 million (32 cents) in the same period a year earlier, missing analysts' expectations of 66 cents per share, according to Reuters Estimates.
Sales for the Manhattan Beach-based company edged up less than 1 percent to $355 million but still came in below Wall Street's expectations of $360 million.
For the third quarter, Skechers said it sees earnings between 57 cents and 65 cents per share on sales of $425 million to $440 million. Analysts predicted earnings of 66 cents per share on sales of $447 million.
Shares in Skechers were down more than 18 percent to $19.39 in early trading Thursday.
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